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APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

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CD Rates

Chase Bank CD Rates – Up to 4.50% APY!

Written by: editorial staff
June 4, 2023
Fact Checked : Dan Nelson
June 4, 2023

Chase, or Chase bank, headquartered in downtown Manhattan (New York City) is the consumer and commercial subsidiary of the multinational JPMorgan Chase which holds nearly $4 trillion in assets as of the end of last year.

Chase Bank has 4,700 branches and 16,000 ATMs nationwide. They offer a full range of financial services that reach nearly every age group and demographic.

Despite the bank’s eye-popping asset size, their current CD rates have been slow to keep up with those offered by many FDIC-insured online banks and nationally available credit unions.

📌 Please Note: Chase Bank CDs come with terms ranging from 1 months to 10 years and can be opened online or in a local branch. If you wish to open a CD online, however, you will need to be an existing Chase Bank customer.

To see if Chase Bank CDs are right for you, continue reading our review below.

Chase Bank CD Rates + Account Details

image credit: chase.com

Chase Bank is member FDIC and all consumer deposits are federally insured up to $250,000 per depositor or $500,000 for joint accounts.

All Chase Bank CDs require a minimum deposit of $1,000 to open. Two factors will determine the APY (annual percentage yield) that is applied to your Chase Bank CD. These are:

  1. Deposit size
  2. Region

The deposit sizes come in ranges or tiers. They tiers are as follows:

  • $1,000 to $9,999.99,
  • $10k to $24,999.99,
  • $25k to $49,999.99,
  • $50k – $99,999.99,
  • $100k to $249,999.99 and
  • $250k plus.

Once you’ve entered your zip code, you can see Chase’s current CD rates by deposit amount. Their CD rates don’t vary too much by region – with their best offer being either 4.50 or 4.25% APY depending on where you live. We’ve sampled CD rates from the following U.S. cities to give you an idea of what you might encounter:

  • New York City (zip: 11368)
  • Los Angeles (zip: 90011)
  • Seattle (zip: 98122)
  • Boise, Idaho (zip: 83701)

The CD rates listed below were surveyed on June 4, 2023.

CD Rates (New York)

CD TermAPY ($0 – $9,999)APY ($10k – $99,999)APY ($100K +)
1 month0.02%0.02%0.02%
2 month0.02%0.02%0.02%
3 month3.00%3.00%3.00%
6 month4.00%4.00%4.25%
9 month0.02%0.05%0.05%
12 month3.00%3.00%3.75%
15 month0.02%0.05%0.05%
18 month0.02%0.05%0.05%
21 month0.02%0.05%0.05%
24 month2.00%2.00%2.00%
30 month1.50%1.50%1.50%
36 month2.00%2.00%2.00%
42 month1.50%1.50%1.50%
48 month1.50%1.50%1.50%
60 month1.50%1.50%1.50%
84 month1.50%1.50%1.50%
120 month1.50%1.50%1.50%
APY = Annual Percentage Yield

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at 1.59% and 1.37% APY, respectively, according to FDIC data and average CD rates in New York are 2.27% and 2.59% APY for the same respective terms, according to Bankrate.

CD Rates (Los Angeles)

CD TermAPY ($0 – $9,999)APY ($10k – $99,999)APY ($100K +)
1 month0.02%0.02%0.02%
2 month0.02%0.02%0.02%
3 month3.00%3.00%3.00%
6 month4.00%4.00%4.25%
9 month0.02%0.05%0.05%
12 month3.00%3.00%3.75%
15 month0.02%0.05%0.05%
18 month0.02%0.05%0.05%
21 month0.02%0.05%0.05%
24 month2.00%2.00%2.00%
30 month1.50%1.50%1.50%
36 month2.00%2.00%2.00%
42 month1.50%1.50%1.50%
48 month1.50%1.50%1.50%
60 month1.50%1.50%1.50%
84 month1.50%1.50%1.50%
120 month1.50%1.50%1.50%
APY = Annual Percentage Yield

Average CD rates for 12 and 60 month terms in California sit at 2.36% and 2.74% APY for comparison.

CD Rates (Seattle)

CD TermAPY ($0 – $9,999)APY ($10k – $99,999)APY ($100K +)
1 month0.02%0.02%0.02%
2 month0.02%0.02%0.02%
3 month3.00%3.00%3.00%
6 month4.00%4.00%4.50%
9 month0.02%0.05%0.05%
12 month3.00%3.00%3.75%
15 month0.02%0.05%0.05%
18 month0.02%0.05%0.05%
21 month0.02%0.05%0.05%
24 month2.00%2.00%2.00%
30 month1.50%1.50%1.50%
36 month2.00%2.00%2.00%
42 month1.50%1.50%1.50%
48 month1.50%1.50%1.50%
60 month1.50%1.50%1.50%
84 month1.50%1.50%1.50%
120 month1.50%1.50%1.50%
APY = Annual Percentage Yield

Average 12 and 60 month CD rates for Washington state are 2.37% and 2.58% APY for comparison.

CD Rates (Boise, ID)

CD TermAPY ($0 – $9,999)APY ($10k – $99,999)APY ($100K +)
1 month0.02%0.02%0.02%
2 month0.02%0.02%0.02%
3 month3.00%3.00%3.00%
6 month4.00%4.00%4.25%
9 month0.02%0.05%0.05%
12 month3.00%3.00%3.75%
15 month0.02%0.05%0.05%
18 month0.02%0.05%0.05%
21 month0.02%0.05%0.05%
24 month2.00%2.00%2.00%
30 month1.50%1.50%1.50%
36 month2.00%2.00%2.00%
42 month1.50%1.50%1.50%
48 month1.50%1.50%1.50%
60 month1.50%1.50%1.50%
84 month1.50%1.50%1.50%
120 month1.50%1.50%1.50%
APY = Annual Percentage Yield

Average 12 and 60 month CD rates in Idaho sit at 2.41% and 2.80% APY for comparison.

How Much Can you Earn with a Chase Bank CD?

How much you earn on a Chase Bank CD is going to depend on four variables:

  1. The CD term you choose.
  2. The APY (annual percentage yield) on your CD.
  3. Your deposit size.
  4. Your Location.

The table below shows how much you’d earn with a Chase Bank CD assuming a $100,000 deposit for Chase Bank’s most competitive terms. Rates are based on the location of Seattle, WA (zip code: 98122).

CD TermAPYEarnings
3 months3.00%$741.71
6 months4.50%$2,225.24
12 months3.75%$3,750.00
2 years2.00%$4,040.00
3 years2.00%$6,120.80
5 years1.50%$7,728.40
Earnings = Sum of all interest payments through maturity.

How do Chase Bank’s CD Rates Compare?

Although Chase was quick to bump up their CD rates back in 2022 when the Fed began to lift prime rates in a major way, other large brick and mortar banks have caught up and even surpassed them. See the table below to compare Chase’s CD rates with other top CD rates from big banks.

BankCD TermAPY
Chase Bank6 months4.00% – 4.50%
Citibank9 months4.75%
Capital One24 months4.75%
Wells Fargo6 months4.76%
Bank of America13 months4.60%
CD rates surveyed June 4, 2023.

To get a better idea of how Chase Bank’s CD rates compare with some of the largest nationally available credit unions and their best CD rates, take a look at this second table below.

Bank/Credit UnionCD TermAPY
Chase Bank6 months4.00% – 4.50%
Alliant Credit Union12 months5.00%
MACU (Mountain America Credit Union)24 months5.50%
Navy Federal Credit Union18 months4.85%
PenFed Credit Union18 months4.70%
CD rates surveyed June 4, 2023.

Calculating Interest

Interest is compounded daily and you have some choice as to the frequency in which it is paid out. Depending on the term you may choose to have it paid monthly, quarterly, semi-annually or annually.

Early Withdrawal Penalties

Early withdrawal penalties for Chase Bank CDs are as follows:

  • CD terms less than 6 months pay 90 days of interest
  • CD terms 6 months to 24 months pay 180 days of interest
  • CD terms 24 months or more pay 365 days of interest

Grace Period

A certificate of deposit’s grace period is the brief window of time in which the deposit holder may move funds into and out of their CD without facing a penalty. During this time you may also roll your funds into another deposit with a different term or close it out entirely.

All Chase Bank CDs come with a standard 10 day grace period.

Chase Bank will alert you via email prior to your CD maturity date, but you should set up your own reminders as well.

Fees That May Apply

Chase Bank CD accounts do not come with any monthly maintenance fees like some of their other accounts, but depending on how you plan to move funds around, you may encounter some fees.

Wire Fees:

TypeFee
Domestic and international incoming wire$15 per transfer OR
$0 if the transfer was originally sent with the help of a Chase banker or using chase.com or Chase Mobile.
Domestic Outbound Wire (in-branch)$35 per transfer
Domestic Outbound Wire (online)$25 per transfer
Consumer USD/FX international wire (in-branch)$50 per transfer
Consumer USD international wire (online)$40 per transfer
Consumer FX international wire (online)$5 per transfer OR
$0 per transfer if the amount is equal to $5,000 USD or more

Transferring funds online is always going to be a cheaper option than having a banker help you in a physical branch.

If you plan on opening a CD with $1,000,000 or more; however, you must do this in a local branch.

Final Thoughts

Although Chase Bank has vast coverage across the country and abroad, many of their CD rates are still less competitive than what you can find from most FDIC-insured online banks and nationally available credit unions.

And as of June 2023, all of the big banks offer slightly more competitive CD rates than Chase.

Filed Under: CD Rates Tagged With: Chase Bank

Charles Schwab CD Rates – Now up to 5.50% APY!

Written by: editorial staff
June 2, 2023
Fact Checked : Dan Nelson
June 2, 2023

Charles Schwab is a multinational financial services company founded in 1971 and headquartered in San Francisco, California.

Charles Schwab has an array of products and services that it offers to both retail and institutional clients encompassing commercial banking, stock brokerage, and wealth management advisory services.

As of March 2023, they have 34 million active brokerage accounts, 1.7 million bank accounts and roughly $7.38 trillion (yes, with a T) in total client assets.

For the purposes of this review, we will focus on the brokered CD (certificate of deposit) rates offered through Charles Schwab.

To see if their CDs are right for you, continue reading our review below.

Charles Schwab Brokered CD Rates + Account Details

image credit: schwab.com

It is important to keep in mind that Charles Schwab does not issue CDs themselves, but rather brokers (or re-sells) bank CDs issued by FDIC-insured banks and financial institutions.

Charles Schwab CDs require a minimum deposit of $1,000 and you may increase your investment size by increments of $1,000.

CD Rates

TermAPY
1-3 Month5.41%
4-6 Month5.37%
7-9 Month5.34%
10-18 Month5.50%
APY = Annual Percentage Yield

The CD rates displayed above were surveyed on June 2, 2023.

To put these offers in perspective, the current national average on a 12 month CD and a 60 month CD sit at just 1.59% and 1.37% APY, respectively, according to recent FDIC data.

How do Charles Schwab’s CD Rates Compare?

If you want to see how Charles Schwab’s CD rates stack up against other major brokerages then take a look at the table below comparing top yields from some of the largest brokerage firms in the country.

BrokerageBest APYCD Term
Charles Schwab5.50%1-3 months
Edward Jones5.25%6-12 months
Fidelity5.35%3 and 9 months
Vanguard5.40%10-18 months
CD Rates surveyed June 2, 2023

How Much Can You Earn with a Charles Schwab CD?

If you’re curious about how much money you can make with a Charles Schwab CD take a look at the table below. This shows how much money you’d earn in total interest payments with a few of Charles Schwab’s CD offers. It assumes a deposit size of $10,000.

CD TermAPYTotal Earnings
3 months5.41%$132.59
6 months5.37%$264.99
9 months5.34%$397.88
12 months5.50%$550.00
Total Earnings = The sum of all interest payments throughout the life of the CD.

Brokerage Fees

For all new issue CDs, a selling concession is already included in the overall price for both online and broker assisted trades.

For all CDs purchased on the secondary market through Schwab CD OneSource, a $1 transaction fee per $1,000 is applied. This comes with a $10 minimum and a $250 maximum.

If you need a broker’s assistance for the trade you will also be charged an additional $25 as a trade service charge.

FDIC-Insurance

All of the brokered CDs offered through Schwab OneSource are federally insured by the FDIC through the partner bank. Thus the same coverage extends to you and can even exceed the $250,000 maximum if you choose to open more than one CD with more than one bank.

For example, if you open two CDs from two different banks through Schwab OneSource, you will get FDIC coverage of $250,000 from one bank and then $250,000 from the second bank. Assuming you have no other deposits at those banks, you’re covered for $500,000.

Compounding Interest

Interest on brokered CDs is not compounded as it would be with a bank or credit union as it requires immediate distribution. If you want compounding interest on a brokered CD you will need to reinvest your interest payments into a different account.

Grace Period

The exact grace period for your Charles Schwab CD can be found by contacting the issuing banking institution. Your broker can help you access this information.

In general, banks and credit unions typically offer a 7 – 10 calendar-day grace period in which the deposit holder may add or withdraw funds penalty-free before the CD automatically renews into a new CD with the same term and the going APY at that time.

Early Withdrawal Fees

Early withdrawal fees do not exist with brokered CDs. If you need funds prior to maturity, your Charles Schwab broker will help you sell it on the secondary market.

You may lose money on this sale depending on where interest rates are at that time. Learn more in the section below.

Drawbacks and Risks

The main risk in purchasing a brokered CD through Charles Schwab (or any brokerage firm for that matter) is if you need your funds prior to maturity.

As mentioned above, in this case you will need to sell your CD on the secondary market. Depending on the interest rate environment at that time it is possible to sell your CD for either less or more than you purchased it for.

Consider the following: You purchase a 2 year CD and need to cash out unexpectedly after the first year. During this time CD rates have also risen substantially. At this point you will likely need to sell your CD at a lower price than you purchased it for because much more attractive rates are being offered on new issue CDs.

Callable CDs

In some cases your brokered CD through Charles Schwab may be callable. This means the CD issuer may redeem the CD at a specified date or at the sole discretion of the issuing bank or credit union.

If your CD is redeemed by the issuer, you will be paid the outstanding principal amount and interest accrued up to, but not including, the call date. No interest will be earned after the call date as the CD will be closed out. To learn more visit Charles Schwab’s CD disclosure statements (PDF here).

Final Thoughts

Charles Schwab CD rates are getting more competitive each month as the Fed continues to increase rates to combat inflation. Vanguard, Edward Jones and Fidelity have also seen their CD rates rise this year as well.

That said, we may be nearing a peak in both prime rates and deposit rates as inflation continues to fall (now at 4.93%) and the Fed is unlikely to raise rates again during their next session in the middle of June.

Filed Under: CD Rates Tagged With: Charles Schwab

Fidelity CD Rates – Now up to 5.35% APY!

Written by: editorial staff
June 2, 2023
Fact Checked : Dan Nelson
June 2, 2023

Fidelity is a multi-national financial services corporation based out of Boston, Massachusetts. They are one of the top 10 AMC (asset management companies) in the world with $3.88 trillion in assets under management and a combined customer asset value of $10.3 trillion as of December 2022.

Fidelity offers a wide range of services, products and tools to suit investors of varying experience levels and risk tolerances.

In this review we will focus on the brokered CDs offered through Fidelity. These can be found under their fixed income and bonds category.

It is important to note that Fidelity is not a bank, but a brokerage firm. Therefore Fidelity does not issue any certificates of deposit themselves, but rather “brokers” or resells them to their clients. The deposits are still obligations of the issuing bank, and thus come with FDIC-insurance up to $250,000 per depositor. That said, because Fidelity is a brokerage service, you can hold multiple CDs in your brokerage account with them, effectively expanding your FDIC coverage past the $250,000 limit. This is also true for their cash management account which allows for FDIC coverage up to $1.25 million.

You can open new issue CDs and/or secondary market CDs through Fidelity. New issue CDs are typically sold at par and clients do not pay a trading fee to purchase them. Purchases (and sales) of secondary CDs incur a trading fee of $1 per CD (1 CD = $1,000 par value). Download Fidelity’s CD disclosure document for a full understanding of their terms and conditions.

Fidelity CD Rates + Account Details

image credit: fidelity.com

Fidelity offers ten standard term New Issue CDs ranging from 3 months to 5 years that come with a minimum deposit requirement of $1,000.

CD Rates

TermExpected APY
3 months5.35%
6 months5.30%
9 months5.35%
1 year5.30%
18 month5.20%
2 years4.90%
3 years4.65%
4 years4.60%
5 years4.50%
APY = Annual Percentage Yield

[The CD rates above were surveyed on June 2, 2023.]

To give Fidelity’s new issue certificate of deposit rates (shown in the table above) some context, the current national average for 12 month and 5 year CDs sit at just 1.59% and 1.37% APY, respectively, according to FDIC data, while the top rates from online banks are hovering around 5.00% and 4.50% APY for the same respective terms.

How do Fidelity’s CD Rates Compare?

Take a look at the table below to compare Fidelity’s best CD rates with the top rates from other major brokerages.

BrokerageBest APYCD Term
Fidelity5.35%3 and 9 month
Charles Schwab5.50%10-18 months
Edward Jones5.25%6-12 months
Vanguard5.50%13-18 months
[The CD rates above were surveyed on June 2, 2023.]

How Much Can You Earn with a Fidelity CD?

The amount of money you can earn with a Fidelity CD is going to depend on your deposit size and the CD you choose. The table below shows how much you’d earn in total interest payments with a $50,000 deposit on a handful of Fidelity’s CDs.

CD TermAPYTotal Earnings
6 months5.30%$1,307.89
12 months5.30%$2,650.00
2 years4.90%$5,020.05
5 years4.50%$12,309.10
Total Earnings = The sum of all interest payments throughout the life of the CD.

How is Interest Calculated?

Interest on new issue Fidelity CDs do not compound. This is true with most brokered CDs as they require an immediate distribution of interest.

Interest payments will go into your Fidelity brokerage account as opposed to going back into the CD for further compounding.

Fidelity CDs that are purchased on the secondary market may be based on other interest rate calculations. You will need to contact the issuing bank or credit union with questions concerning the interest rate calculation on a secondary market CD.

Fidelity Auto Roll Program

Fidelity also has an “Auto Roll Program” that comes with some helpful features. The most notable being the ability to make early withdrawals on your CD without incurring steep fees. This is in contrast to bank or credit union CDs which generally take a portion of your interest as a fine.

The second stand-out feature of the Auto Roll Program is that it allows you to sell part of your CD (or add to it) prior to its maturity date.

You can also keep track of your earnings, set up alerts and auto-renew your CDs based on your chosen asset allocation.

If you would not like to be a part of the Auto Roll Program, you may cancel at any time.

Fidelity Brokered CDs: Pros and Cons

Brokered CDs offered through Fidelity come with many benefits and few downsides for those looking for FDIC insured accounts with high yields.

âś… For starters, the current rates offered (shown above) are more competitive than those found at top online banks and credit unions.

âś… The second major benefit is liquidity. If you need your funds prior to maturity you can simply sell it during any trading day on the open market. Keep in mind though that the market prices will fluctuate based on rates. This means it’s also possible to sell your deposit for less (or more) than you purchased it for.

For example, if you open a 5 year deposit and need the funds after year 2, during which time interest rates have risen considerably, you may have a tough time selling your deposit for your full purchase price because consumers can get better rates through new issue CDs.

Conversely, if you purchase a 5 year deposit and rates drop significantly (which they have) then you may find investors willing to offer a premium on your CD in the secondary market.

🛑 While new CDs don’t come with any fees, CDs purchased on the secondary market will be subject to a trading fee similar to buying or selling a stock.

🛑 You must have a taxable brokerage account or an Individual Retirement Account (IRA) with Fidelity to hold your CDs. This is also where your Fidelity CD’s interest payments will be deposited.

🛑 CDs may be callable, meaning the issuer may redeem the CD on a set date prior to maturity. Interest and principal will be paid in full or partially depending on whether the entire CD is called or just a portion of it. You’ll need to check with the issuer for the call schedule to see the exact call date(s).

Filed Under: CD Rates Tagged With: Fidelity

Edward Jones CD Rates – Now up to 5.25% APY!

Written by: Lauren Graves
June 2, 2023
Fact Checked : Dan Nelson
June 2, 2023

Edward Jones is a brokerage firm you’ve likely heard of over the years as it passes a century in age.

Founded in 1922, Edward Jones now has over 8 million clients with a combined $1.5 trillion in assets managed by over 19,000 financial advisors as of Q3 of last year.

Edward Jones also offers consumers a number of competitive brokered CD (certificate of deposit) accounts with competitive yields on terms ranging from 3 months to 10 years.

Because Edward Jones is a brokerage firm and not an actual bank they don’t issue their own CDs. Instead, they ‘broker’ or re-sell a range of deposits issued by banking institutions that they’ve partnered with which provide FDIC coverage. We go into more detail on brokered CDs further below.

Edward Jones CD Rates + Account Details

image credit: edwardjones.com

All Edward Jones CDs require a minimum deposit of $1,000 to open. Please note that 7 and 10 year CDs are not available at this time.

CD Rates

CD TermAPY
3 months5.20%
6 months5.25%
9 months5.25%
1 year5.25%
18 months5.15%
2 years4.90%
30 monthsNA
3 years4.60%
4 years4.55%
5 years4.45%
7 yearsNA
10 yearsNA
APY = Annual Percentage Yield

The rates above were surveyed on June 2, 2023. These yields and terms may not be available in all states.

To give these offers some context, the current national average for a 12 month CD and a 60 month CD sit at 1.59% APY and 1.37% APY, respectively, according to recent FDIC data.

How Much Can You Make with an Edward Jones CD?

The amount of money you can earn with an Edward Jones CD is going to depend on your deposit size, the term you select and its APY (annual percentage yield). Take a look at the table below to get an idea of how much you’d earn with a handful of Edward Jones CDs assuming a deposit size of $100,000.

CD TermAPYEarnings
6 months5.25%$2,591.42
12 months5.25%$5,250.00
2 years4.90%$10,040.10
5 years4.45%$24,320.35
Earnings = The sum of all interest payments through maturity.

How do Edward Jones CD Rates Compare?

If you’re wondering how Edward Jones CD rates compare with other brokered CD rates, take a look at the table below. We’ve pitted Edward Jones against other well known brokerages and their best CD rates.

BrokerageCD TermAPY
Edward Jones6 month5.25%
Charles Schwab10 month5.50%
Morgan Stanley11 month5.27%
Fidelity3 month5.35%
Vanguard10 month5.50%
CD rates surveyed June 2, 2023.

Edward Jones Brokered CDs Account Details

A few crucial distinctions must be made between standard CDs and Edward Jones’s brokered CDs.

The most important of these being that you do not open or manage brokered CDs yourself. On top of that, the actual CD isn’t technically a product of Edward Jones at all. Instead Edward Jones purchases a CD for you from one or many different banks in partnership with this firm.

You can open new CDs with Edward Jones or you can purchase secondary CDs.

If you open a new CD with Edward Jones you will not have to pay any commission fees. Edward Jones will receive a concession from the bank that takes your deposit, but this is already factored into the price.

If purchasing a CD on the secondary market, you will have to pay Edward Jones a commission just like you would purchasing stock. You can see what commission they take in the trade confirmation.

A benefit of Edward Jones brokered CDs is that they don’t have early withdrawal penalties. If you need to cash out of your deposit early you can simply sell it to another investor on the secondary market.

Unfortunately, this also means there is an inherent downside to these products in that their price fluctuates on the open market and can feasibly be sold for less than the purchase price.

For example, if you open a 5 year deposit and need the funds after year 2, during which time interest rates have risen considerably, you may have a tough time selling your deposit for your full purchase price.

Conversely, if you purchase a 5 year deposit and rates drop significantly (which they have) then you may find investors willing to offer a premium on your CD on the secondary market.

Also note, interest earned on Edward Jones CDs does not compound. This is true of most brokered CDs as they require an immediate distribution of interest. The terms of your personal CD will tell you how often the interest on your account is credited and where.

Brokered CDs with Edward Jones do not automatically renew.

How to Purchase a CD Through Edward Jones

To open a brokered CD with Edward Jones, you’ll first need to set up a brokerage account with them if you don’t have one already. Edward Jones is a full service brokerage account with no minimum deposit requirements for account opening.

Opening up an Edward Jones brokerage account can be done online, however purchasing an Edward Jones brokered CD can not. For this you will have to go to a local office and fill out the paperwork. They will provide you with a prospectus to look over and discuss your options with you before you make any decisions.

As soon as your initial deposit clears, you are free to buy a new CD or a secondary CD through your Edward Jones broker.

Additional Deposit Accounts Offered Through Edward Jones

Edward Jones is a member of SIPC and deposit products with this firm are insured up to $250,000 per depositor.

In addition to its extensive suite of investment products and brokered CDs, this firm also offers money market funds and a cash management account.

Edward Jones Money Market Funds

Money market funds offered at Edward Jones, and most other brokerage firms, are not money market accounts. Money market funds are simply liquid mutual funds with good cash access. Money market accounts are federally insured deposit accounts with a guaranteed return of principal plus accrued interest.

Because money market funds are mutual funds with cash access, they do not guarantee that you will receive a full return on your principal.

On top of that, the cash in a money market fund may be used to invest in CDs or other short-term investments, but deposits into these funds are not FDIC insured.

Edward Jones money market funds are available as investment shares and retirement shares – both of these taxable options. You will be charged a $3 monthly maintenance fee for retirement share class money market funds with balances below $1,500 and a $3 monthly maintenance fee for investment share class money market funds with balances below $2,500. Talk with your advisor about cash and cash equivalents available for you to invest in with your money market fund—this will vary. 

There is no minimum investment required to open a money market fund and the current 7-day yield per share is 0.01%.

On the positive side, these money market funds make withdrawing and using money simple because they allow you to write unlimited checks and use a Visa debit card. Transactions and withdrawals are unlimited, unlike money market accounts.

Edward Jones Flex Funds Account (Cash Management Account)

An Edward Jones Flex Funds account is a cash management account that earns interest on your uninvested balance.

There is no annual fee and you can write up to 120 checks per year free of charge. This account is insured up to $1.5 million leveraging multiple banks’ $250,000 FDIC deposit insurance using the “Bank Sweep Program.”

With a Flex Funds account, you can set short-term savings goals for yourself and easily track your progress toward them. Your financial advisor can go through the details about how to strategize saving and investing with this account, but you have a lot of options and flexibility overall with a product like this.

Account Set-Up and Management

Edward Jones allows you to make quick and easy deposits into your account(s) and transfer funds electronically. You can enroll in online bill pay and link a direct deposit to one or more of your savings or investment accounts. Mobile check deposit is another feature included on the Edward Jones native apps for both Google Play and App Store, where they score an impressive 4.8 out of 5 on both platforms.

Final Thoughts

Edward Jones is a more than satisfactory brokerage firm and its brokered certificates of deposit are offering some competitive yields on short-term and mid-range CDs.

Filed Under: CD Rates

Citibank CD Rates – Now up to 5.97% APY!

Written by: editorial staff
June 2, 2023
Fact Checked : Dan Nelson
June 2, 2023

Citibank has been a household name for generations. They first opened their doors back in 1812, originally as the City bank of New York and today they are the 4th largest bank in the country by asset size with roughly $2.42 trillion in total.

On the savings side, Citibank has a full product suite of FDIC-insured deposit accounts with both fixed and variable interest rates.

For CDs (certificates of deposit), Citibank has:

  • 19 standard term CDs
  • 2 promotional CDs, and
  • 16 IRA CDs

Most of their CD rates are sitting at or below the national average for each respective term. To see if Citibank’s CDs are right for you, continue reading our review below.

Citibank CD Rates + Account Details

Citibank’s CDs have varying minimum deposit requirements by region. Most states will only have a $500 minimum deposit requirement, but some may have $1,000 or even $2,500. See our table below for a breakdown or proceed to Citi’s Fixed Rate CD page and enter your zip code.

You can apply for and open a Citibank CD online, however, if you plan on depositing more than $250,000 you must stop into one of Citibank’s 700 branch locations across 12 states. You can locate a branch here.

Citibank has 19 certificates of deposit terms to choose from ranging from 3 months to 5 years. If you are looking for IRA CDs they have 17 to choose from with terms also ranging from 3 months to 5 years but with some featuring higher yields than their standalone CD counterparts. You can see Citi’s IRA CD rates and account details further below.

Of the 19 CD terms Citibank offers, 3 are considered “Featured Rate” CDs. These are:

  • a 9 month CD yielding 4.05% or 4.75% APY
  • a 12 month CD yielding 4.05% APY
  • an 18 month CD yielding 4.05% APY

Citibank CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts. See all yields below.

CD Rates

TermAPY
3 months0.05%
4 months0.05%
5 months0.05%
6 months1.10%
7 months0.05%
8 months0.05%
9 months4.05%
9 months ($100k +)4.75%
10 months0.05%
11 months2.00%
11 months ($100k +)3.00%
12 months4.05%
13 months0.10%
14 months0.10%
15 months0.10%
18 months4.05%
2 years2.50%
30 months0.10%
3 years2.50%
4 years2.50%
5 years2.50%
APY = Annual Percentage Yield

As you can see they have mostly flat yields across all terms but are slowly introducing new featured rate CDs and promotional CDs that are far more competitive.

To give these yields some context, the current national average for a 12 month CD and a 5 year CD sit at 1.59% APY and 1.37% APY, respectively, according to recent FDIC data, with top yields from online banks inching over the 5.00% APY and 4.50% APY mark for the same respective terms.

Citibank Promotional CDs

Citibank also offers 2 promotional deposits. A “Step Up CD” and a “No Penalty CD.”

The Step Up CD is a 30 month deposit with a composite APY of 0.10%. You can read more about the terms and conditions here.

The No Penalty CD is a 12 month deposit that used to feature a decent APY last year, but is no longer competitive. Funds from this account may be withdrawn penalty-free at any time after six calendar days from opening the account. You can read more about the terms and conditions here.

Related: You may want to check out the Citi Accelerate Savings account which is available in select regions.

Promotional CD Rates

TermAPY
12 month No Penalty CD0.05%
30 month Step Up CD0.10%
APY = Annual Percentage Yield

Both the Step Up CD and the No Penalty CD come with minimum deposit requirements of $500.

Citibank IRA CDs

Citibank also offers IRA CDs. These IRA CDs only come with short terms and mostly have low yields other than the highlighted rates below. The highlighted 3 month, 6 month and 18 month (variable rate) IRA CDs feature some of the most competitive yields available anywhere in the country for those respective terms.

TermAPY
3 month5.18%
4 month0.05%
5 month0.05%
6 month5.23%
7 month0.05%
8 month0.05%
9 month5.18%
10 month0.05%
1 year5.07%
18 month Variable CD5.97%
13 month0.10%
18 month4.05%
2 year2.50%
30 month0.10%
3 year2.50%
4 year2.50%
5 year2.50%
APY = Annual Percentage Yield

Citibank introduced the promotional 18 month variable rate CD in the Spring of 2022 and it has been Citibank’s most competitive offer ever since. This is a variable rate, meaning it may change prior to maturity.

Minimum Deposit Requirements

As mentioned, the minimum deposit requirement for all Citibank CDs vary by region. Below is the breakdown.

StateMinimum Deposit
California, Nevada$1,000
Florida, Maryland, Virginia, D.C.$2,500
All other states$500

To open a Citibank CD online you must be a U.S. resident or citizen and at least 18 years old. You will need the following pieces of information to complete your application online:

  • Physical address
  • Date of Birth
  • Social Security Number
  • Email Address
  • Phone Number

To fund the account you will need the bank account number and routing number for the institution you will be transferring the funds from.

Interest on all Citibank CDs compounds daily. For CDs with terms of one year or less, interest is paid to you either monthly or upon maturity. And for CDs with terms longer than one year, interest is paid monthly.

How Much Can you Earn with a Citibank CD?

The amount you can earn on a Citibank CD is going to depend on 3 variables. These are:

  1. Deposit amount.
  2. APY (annual percentage yield).
  3. CD term.

To get a better understanding of your potential overall interest earnings from a Citi CD, we’ve compiled a table below of Citi’s best CD rates and total earnings from interest payments based on a $100,000 deposit.

CD TermAPYTotal Earnings
9 months4.75%$3,541.76
12 months4.05%$4,050.00
18 months4.05%$6,136.10
18 month variable CD (IRA only)5.97%$9,087.35
Total Earnings = Total interest paid for the duration of the CD.

How do Citibank’s CD Rates Compare?

Below are 3 tables comparing Citibank’s current CD rates with other large U.S. banks, popular FDIC-insured online banks and then brokered CDs offered through major brokerages.

Citibank’s CD Rates vs Other Big Banks

BankMin. DepositBest APY
Citibank$5005.97%
Bank of America$100,0004.60%
Chase$1,0004.00%
U.S. Bank$1,0004.75%
Wells Fargo$5,0004.76%
CD rates surveyed June 2, 2023.

Citibank’s CD Rates vs Online Banks

BankMin. DepositBest APY
Citibank$5005.97%
Barclaysnone4.80%
Bread Savings$5,0005.20%
CIT Bank$1,0005.00%
Discover Bank$2,5004.75%
CD rates surveyed June 2, 2023.

Citibank’s CD Rates vs Brokered CDs

InstitutionMin. DepositBest APY
Citibank$5005.97%
Charles Schwab$1,0005.50%
Edward Jones$1,0005.25%
Fidelity$1,0005.35%
Vanguard$1,0005.50%
CD rates surveyed June 2, 2023.

Early Withdrawal Penalties

TermPenalty
1 – 12 months90 days’ interest
13 months +180 days’ interest

Final Thoughts

Citibank’s CDs are quickly becoming more competitive with the addition of new promotional CDs for both regular and IRA accounts.

Filed Under: CD Rates Tagged With: Citibank

Will CD Rates Continue to Go Up? June 2023 Forecast

Written by: Johnathan Maverick
June 1, 2023
Fact Checked : Dan Nelson
June 1, 2023

If you’re looking to park some cash into a CD (certificate of deposit) then you’re probably wondering whether now is the right time to open one or if CD rates will continue to rise throughout the year – perhaps providing an opportunity to obtain better rates in the near future.

While predicting anything in financial markets is nearly impossible, generally speaking, if the Fed continues to raise prime rates, banks and credit unions will continue to raise their rates.

On the loan side we saw it quickly as mortgage rates, auto loan rates, credit card rates, etc. shot up in the second half of 2022 at a breakneck pace to keep up with the Fed’s series of 0.75% rate hikes. On the savings side, however, things moved much slower – but still in the upward direction.

As of the second quarter of this year, the Fed has moved to a less hawkish stance on rate hikes with most analysts expecting rates to stay where they are for the time being and potentially decline towards the end of the year.

All that to be said, below is an overview of where we think CD rates are headed in the near term and throughout 2023.

Interest Rates Going Forward

During the May 2nd and 3rd meetings, the Fed stated that they will determine whether or not more rate hikes are needed by looking at incoming economic data (namely inflation data and the jobs report). This is different language than what they used in their last meeting where they stated that they “anticipated more rate hikes will be needed” suggesting that interest rates may stay put for the near term.

Since the Fed’s base federal funds rate for overnight loans to banks sets the benchmark for all other interest rates in the United States, the Fed’s policy shift is going to continue to affect the interest rates for other financial securities, including certificates of deposit (CDs), money market accounts, savings accounts, etc.

Will CD Rates Go Up in 2023

So far, CD rates have continued their ascent in 2023 but they may be nearing a peak and/or plateau for the months of June and July.

  • The next Fed meeting is June 15th with a 75% probability of no rate hike and a 25% probability of a 0.25% rate hike.
  • The Fed meetings in July will culminate on the 26th with a probability of 45% that rates remain the same as they are today, a 45% chance they’re up 0.25% and a 10% chance that they’re up 0.50% (source).

To get an idea of how CD rates moved following the Fed’s 0.25% rate hike on May 3rd take a look at the table below. This shows the change in the best CD rates offered by well known banks, credit unions and brokerages from May 3rd to June 1, 2023.

InstitutionBest CD Rate (May 3)Best CD Rate (June 1)
Capital One4.30%4.75%
PenFed Credit Union4.70%4.70%
Vanguard (brokered CD)5.15%5.50%
Edward Jones (brokered CD)5.10%5.25%
Fidelity (brokered CD)5.10%5.35%
Bread Savings5.20%5.20%
Synchrony Bank5.00%5.00%
Marcus by Goldman Sachs4.75%5.05%
Ally Bank4.80%4.80%
CD rates surveyed May 3, 2023 and June 1, 2023.

To put these CD rates into perspective, below is the national average for CDs terms 6 months to 5 years according to FDIC data pulled June 1, 2023:

  • 6 month CD rates – 1.19%
  • 12 month CD rates – 1.59%
  • 24 month CD rates – 1.45%
  • 36 month CD rates – 1.36%
  • 48 month CD rates – 1.30%
  • 60 month CD rates – 1.37%

To get an idea of how fast these averages have been climbing, here are the national averages for 12 month CDs and 60 month CDs every month since the start of 2022 to June of 2023:

12 month CD avg.60 month CD avg.
January 20220.13%0.28%
February0.14%0.28%
March0.15%0.29%
April0.17%0.32%
May0.21%0.39%
June0.25%0.48%
July0.31%0.57%
August0.46%0.64%
September0.60%0.74%
October0.71%0.83%
November0.90%0.98%
December1.07%1.09%
January 20231.28%1.21%
February 20231.28%1.21%
March 20231.36%1.26%
April 20231.49%1.36%
May 20231.54%1.37%
June 20231.59%1.37%
source: fdic.gov

📌 Please note For the first time since the Fed began hiking rates in March of last year, the average CD rate for 5 year terms did not rise month over month, indicating a plateau may be forming for longer term CDs.

Will Savings Account Rates Go Up in 2023

Variable rate savings account rates and money market rates have been on the rise this year as well, but are showing signs of plateauing as well.

To get a better sense of how they’ve moved since the Fed’s last rate hike, here are some popular FDIC-insured online banks and their savings rate movements since the Fed’s latest rate hike on May 3, 2022.

Institution + AccountRate ΔAPY
UFB Elite Savingsno change4.81%
First Foundation Bank Online Savingsup 0.35%4.85%
Bask Bank High Interest Savingsno change4.75%
Capital One Performance 360up 0.15%3.90%
Ally Online Savings Accountup 0.10%3.85%
PayPal high yield savings accountno change4.15%
SoFi Checking and Savingsno change4.20%
CD rates surveyed May 3, 2023 and June 1, 2023.

A Look at Certificates of Deposit

Certificates of Deposit (CDs) are deposit accounts held at banks or credit unions that provide fixed interest rates for a specific period of time. CDs differ from savings accounts in two primary ways:

  • CDs are time deposits – that is, the money put into a CD is set to remain invested for a specified period of time, such as six months, a year, three years, or five years. Investors can withdraw their funds early, but incur an early withdrawal interest rate penalty for doing so.
  • The interest rate earned with a CD is usually a fixed rate, while the interest rate paid on a regular savings account is commonly a variable rate. There are variable rate CDs available, but the vast majority are fixed rate.

CDs are favored by investors with a low risk tolerance, as they are considered one of the safest types of investments, being insured by the Federal Deposit Insurance Corporation (FDIC) just like other deposit accounts at a bank.

The downside of CDs is the fact that their real rate of return rarely keeps pace with inflation. Case in point: with even the best CD rates around 5.00% and inflation around 6.04%, CD investors, while earning some nominal rate of return, are still encountering a negative real rate of return.

The only time CD investors win big real rates of return is when they invest in a long-term CD when interest rates are extremely high, and then prevailing interest rates drop substantially (along with inflation) over the term of their CD deposit.

However, most CD investors readily accept the reality of relatively low real returns. They are typically much more concerned with having a safe investment that earns some rate of interest than they are with having a growth investment that stands a good chance of being able to outpace inflation.

Past Trends for CD Rates

Back in 2021 when inflation started to pick up, CD rates were still dropping. By the end of that year, the average rate for one-year CDs had dropped from 0.21% to 0.14% and the average rate for five-year CDs had fallen from 0.36% to 0.26%.

In 2022, however, the Fed became much more aggressive in their fight against an unrelenting rate of inflation and completely reversed their stance on rates making a total of 7 historic rate hikes unseen in decades.

This pushed CDs up in a major way, albeit it took quite a while for them (especially the large banks) to raise their rates for savers.

For example, while the average 12 month CD has yet to hit 2.00% even after 10 straight rate hikes by the Fed, top yields from online banks are already creeping over the 5.00% APY mark for ~12 month terms.

Why is this?

Bigger banks and older traditional banks are normally the slowest to raise rates for savers.

Bankrate’s chief financial analyst, Greg McBride, cautions that banks may be a bit stingy with interest rate increases. According to McBride, “Most banks, and big banks in particular, are sitting on a pile of deposits and will be very hesitant to pass along higher yields to savers if they don’t need more deposits.” That fact may further dampen the direct effect of increases in the fed funds rate on CD yields.

All that to be said, in Q1 of 2023, even the largest banks in the country like Bank of America, Wells Fargo and Citibank had competitive CD rates on the menu for at least a couple of terms (mostly promotional options) with Citibank leading the way offering an 18 month IRA CD yielding 5.72% APY. Wells Fargo’s best CD rate is a 13 month promotional offer yielding 4.76% APY and Bank of America’s top rate is a “Featured CD” with an APY up to 4.50%.

How to Find the Best Interest Rates on CDs

There are a number of banks that offer interest rates that are significantly higher than the average rate, on both savings accounts and CDs.

The trend in recent years has shown the best CD interest rates tend to be offered by the growing number of “online only” banks. Since they don’t have the massive overhead expense of physical branch offices to contend with, online banks have more free cash flow that they can use to entice depositors by offering higher yields on CDs.

Among the banks offering the highest CD yields recently are Bread Financial (formerly Comenity Direct), Barclays, Synchrony, and Marcus by Goldman Sachs.

With the futures market indicating smaller rate hikes in 2023 as well as a plateau sometime later in the year, it’s not a bad idea to monitor CD rates periodically.

If you’re on the fence about opening a CD right now, you may also want to consider a variable-rate, high yield online savings account so that you can benefit from any future interest rate increases.

Alternatives

You may be able to earn higher returns while still holding investments that are considered very safe by making investments in alternatives to CDs.

One such alternative is a money market account. Some money market accounts pay higher interest rates than most CDs. They also offer the flexibility that CDs lack, as you can withdraw your money any time without suffering any interest rate penalty.

Another alternative investment is a tax-free municipal bond. Being tax-free already gives such an investment an advantage over a CD. You can also get a much higher return on investment (ROI) with municipal bonds, many of which are currently paying interest rates above 5%. Municipal bonds are not quite as safe an investment as CDs, but while the possibility of the bond issuer defaulting on interest rate payments does exist, such defaults have, historically, been very rare.

One often overlooked alternative investment, one that’s perfectly safe and tax-free, is, instead of depositing money in a certificate of deposit, using the money to pay down high interest rate debt, such as credit cards. Paying off the balance on a credit card that charges 19% annual interest has the same net effect on your finances as earning a 19% return on investment – with the added benefit that making such a move doesn’t incur any tax liability, thus, making for a 19% tax-free return on investment.

Treasury Yields

Short-term US Treasury Yields are currently providing higher yields than CDs. Below are current US treasury yields available as of market close on May 31, 2023 (source).

TermYield
1 month5.28%
2 months5.37%
3 months5.52%
6 months5.46%
1 year5.18%
2 years4.40%
3 years4.04%
5 years3.74%
7 years3.69%
10 years3.64%
20 years4.01%
30 years3.85%
Rates provided by treasury.gov

This table shows an inverted yield curve – where short term interest rates are greater than long term interest rates, but it has leveled out some since our last update in early February.

In the past, this has been a successful indicator of a recession.

CD rates have also aligned with this trend as 12 month CD rates have been higher than 5 year CD rates since December of last year.

CD Rates Moving Forward – Summary

The short and sweet of it is that, given the Federal Reserve’s current stance on interest rates, the best CD yields may already be here. It is possible that we see some upward movement by individual banks and credit unions based on their own deposit needs and requirements but don’t expect much more than a 10-25 BPS raise from the best APYs (annual percentage yields) found today.

FAQs

Below are frequently asked questions by consumers.

Will CD Rates hit 6.00% APY?

There are currently no FDIC-insured CDs on the market providing a 6.00% APY for any term. And given the Fed’s stance on rate hikes moving forward, we don’t foresee CD rates hitting that mark in 2023.

The closest CD rates we’ve seen to the 6.0% APY mark are the brokered CDs at Vanguard which provide a yield of 5.50% APY for 13-18 month terms and a 5.45% APY CD from Nasa Federal Credit Union that comes with a 15 month term and requires a minimum deposit of $10,000 in new money to the credit union.

Do CD Rates Go Up with Inflation?

Generally speaking CD rates are not directly correlated with the rate of inflation.

That said, the measures the Fed tends to use to address inflation – like quantitative tightening and raising prime rates – does put upward pressure on CD rates.

Do CD Rates Go Up with the Prime Rate?

The prime rate set by the Fed is the primary factor banks and credit unions use when determining the rate to charge on a loan to consumers. It also impacts the rates they provide on deposit accounts such as CDs and savings accounts.

Banks and credit unions use this prime rate because it is the rate they are charged by The Federal Reserve to fund their loan products.

Do CD Rates Go Up During a Recession?

Usually no. The Federal Reserve’s primary lever used to deal with a recession is lowering prime rates. This happened in the 1980’s and more recently with the 2008 recession where rates dropped from over 5% to historic near zero lows. CD rates followed suit in both instances.

That said, consumers still tend to flock to CDs more so in uncertain economic times.

Filed Under: CD Rates

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Primary Sidebar

The Big Banks

  • Bank of America CD Rates
  • Capital One CD Rates
  • Citibank CD Rates
  • Chase Bank CD Rates
  • Wells Fargo CD Rates
  • U.S. Bank CD Rates

Noteworthy Credit Unions

  • Navy Federal Credit Union CDs and Savings
  • Patelco Credit Union CDs and Savings
  • PenFed CDs and Savings
  • Connexus Credit Union CDs and Money Market

Brokered CDs

  • Edwards Jones
  • Charles Schwab
  • Fidelity
  • Vanguard

Alternatives

  • 12 Alternatives to CDs and Savings Accounts

Real Estate Investment Platforms

  • Yieldstreet - Avg 10.61% Returns

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